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#1
28th April 2006, 11:57 AM
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MESSAGE FROM SAMEER GHELAUT,CEO Indiabulls
April 28, 2006
SEBI today passed an ex parte adinterim order directing Indiabulls Securities Ltd amongst others not to deal in the securities market including IPOs till further orders. The order against Indiabulls Securities Ltd is based on factually incorrect data which the company is contesting and is filing its objections/ clarifications tomorrow to SEBI. The company is praying for reconsideration of the order and for immediate withdrawal of directions in so far as Indiabulls Securities Ltd is concerned. The only allegation against Indiabulls Securities Ltd in the 252 page order is that the company received 13,939 shares of TCS after its IPO from 559 different accounts. The order implies that the 559 account holders applied for TCS IPO on behalf of Indiabulls Securities Ltd to corner TCS shares by multiple retail applications and hence the 559 clients transferred 13939 shares to Indiabulls Securities Ltd account immediately after the TCS IPO. However, the 559 account holders who transferred the 13,939 TCS shares to Indiabulls Securities Ltd, transferred the shares in the CLIENT MARGIN ACCOUNT of Indiabulls Securities Ltd for their trading purposes towards meeting their margin requirements as per the stock exchange rules and regulations. Indiabulls Securities Ltd accepted these shares in its client margin account in its capacity as a broker and for the limited purpose of facilitating the clients transactions. As per the rules, a broker can not trade on behalf of a client without receiving margin from the client either in the form of cash or shares. On sale of the TCS shares by the 559 clients, the proceeds of the sales were transferred by Indiabulls Securities Ltd to the same individual client accounts who had transferred these shares to Indiabulls client margin account for meeting margin requirements. Indiabulls Securities Ltd or any of its group companies have absolutely no role in either the IPO application of these 559 clients or any economic interest or any other interest whatsoever in the sale proceeds arising out of the sale of 13,939 shares or any financing of any of the IPO applications of the 559 clients. Indiabulls Securities Ltd caters to over 2,60,000 retail accounts and has received margin in its client margin account in the form of shares from over 1,50,000 unique clients. As a broker, Indiabulls Securities Ltd is not allowed to undertake any client business without receiving adequate margin in the client margin account mantained by Indiabulls Securities Ltd in the capacity of a securities broker. 
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